Core Insights - China National Offshore Oil Corporation (CNOOC) has achieved a significant technological breakthrough in offshore heavy oil thermal recovery, with cumulative production surpassing 5 million tons, making China the first country to master and successfully apply large-scale offshore heavy oil thermal recovery technology [1][3] Industry Overview - Heavy oil accounts for 70% of the remaining global oil resources, making it a crucial area for oil production increase [1] - The thermal recovery technique involves injecting high-temperature and high-pressure steam into the reservoir to reduce the viscosity of heavy oil, transforming it into a more easily extractable "light oil" [1] Project Development - CNOOC's offshore heavy oil thermal recovery projects are primarily located in the Bohai Sea, with successful operations in key oil fields such as Nanpu 35-2, Luda 21-2, and Jinzhou 23-2 [3] - The successful operation of these oil fields not only supports China's oil production but also provides valuable experience and reference for global heavy oil extraction [3] Future Outlook - The technological breakthrough demonstrates CNOOC's strong capabilities in offshore oil extraction and injects new vitality into energy security for China and the world [3] - With continuous maturation and improvement of the technology, CNOOC is expected to lead the development trend of global heavy oil extraction technology in the future [3]